U.S. Rep. Bobby Schilling's net worth has plummeted over the last year, according to his latest personal financial disclosure filing.
Large write-downs on the value of his assets and an increase in his reported debt has seen the net worth for Rep. Schilling, R-Colona, fall from between $487,008 to $1,489,998 in 2010 to between $359,999 and negative $126,994 in 2011, public records show.
Cheri Bustos, his Democratic rival on Nov. 6, has a net worth of between $1.097 million and $5.965 million, according to her personal financial disclosure. But the net worth of the former East Moline alderwoman is skewed because she included the value of the pension of her husband, Gerry Bustos, in her financial disclosure.
Mr. Bustos is a captain with the Rock Island County Sheriff's Department; the value of his pension is listed as between $1 million and $5 million, which is an estimate of the total amount he could earn over his retirement. He will earn a pension of $4,100 a month when he retires and the value of the pension is based on an average male life expectancy of 78.
Subtract that pension, and Ms. Bustos's net worth is somewhere between $967,000 and negative $2,000.
She also owns a condominium in Des Moines, on which she reported an outstanding mortgage of between $100,000 and $250,000. She did not have to include the value of the condominium in her disclosure, which would have increased her net worth.
Congressmen and candidates for federal office are required to disclose only a broad range of value in which their assets and income fall. Their net worth is estimated by deducting their liabilities from their assets based on the financial disclosure reports filed with Office of the Clerk of the U.S. House of Representatives.
In addition to working as a congressman, Rep. Schilling owns St. Giuseppe's Heavenly Pizza in Moline, although he took no salary from the business last year. In 2010, he paid himself $1,750 from the restaurant, compared to around $44,000 in 2009. He earns an annual salary of $174,000 as a congressman.
On his latest disclosure report, the estimated value of the pizza parlor had dropped from between $100,000 and $250,000 to between $50,000 and $100,000. In 2010, Rep. Schilling did not have to show his mortgage as a liability; in the current report, he does.
"The real estate market has really taken a hit in East Moline," said Terry Schilling, Rep. Schilling's son and campaign manager. "It just goes to show that Bobby Schilling has a real stake in this economy."
He added "there was no way Bobby has a negative net worth."
Ms. Bustos quit her job with Iowa Health System in 2010 to prepare her run for Congress. She earned $214,000 from the health care network that year.
From Jan. 1, 2011, to May 15 of this year, she earned $40,000 from ZLR Ignition, a communications firm in Des Moines. She earned $60,000 from ZLR in 2010 on top of her salary from Iowa Health System.
Ms. Bustos has investments with JP Morgan, Deutsche Bank, Pimco and Janus Overseas Fund, which invests in foreign stocks. Her income from capital gains and dividends on stocks was between $49,050 and $90,650.
Rep. Schilling had between $600 and $3,000 in income from dividends and interest on an Edward Jones Account and an IRA.
Rep. Schilling also owns the Hignight Building at 367 Avenue of the Cities in East Moline -- the home of his campaign office -- valued at between $100,000 and $250,000, as well as land in Stockton, Mo., valued at between $50,000 and $100,000.
Today is Thursday, June 20, the 171st day of 2013. There are 194 days left in the year. 1863 -- 150 years ago: The latest interpretation of the conscription law is said to be that $800 can be paid for an exemption, in which case the person will be eligible for call ina subsequent draft; or a substitute can be furnished. In the latter case, if the substitute isaccepted, the person he represents is exempted for that draft period. 1888 -- 125 years ago: A floral concert presented by Central Presbyterian Church womenattracted a large crowd yesterday. 1913 -- 100 years ago: Milton Reed, infielder on the Davenport baseball club, has beensold to the Philadelphia National league team. 1938 -- 75 years ago: The State Bank of Rock Island has doubled its capital structure,raising it to $1 million, according to Lewis B. Wilson, president of the bank. 1963 -- 50 years ago: The American Wind Symphony Orchestra will present two concertsin the Quad-Cities on Aug. 6, performing from its specially equipped stage-barge. Thebarge, which is traveling the Mississippi River route, will be moored just off the shore forthe concerts. 1988 -- 25 years ago: Fines for overdue items at the Rock Island Public Library are beingincreased to 10 cents per day per item effective July 1. Fines will not be prorated onbooks returned after that date.